Astrotech Corp Wa (ASTC) SEC Filing 10-K Annual report for the fiscal year ending Thursday, June 30, 2011

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Astrotech Corp
Ticker: ASTC CIK: 1001907

Exhibit 99.1


		Astrotech Corporation 401 Congress, Suite 1650 Austin, Texas 512.485.9530 fax: 512.485.9531 www.astrotechcorp.com

FOR IMMEDIATE RELEASE

ASTROTECH REPORTS RESULTS FOR FOURTH QUARTER AND FISCAL YEAR 2011

	•		GAAP results: net loss of $1.8 million, or $(0.10) per diluted share, for the quarter ended June 30, 2011 and net loss of $5.0 million, or $(0.28) per diluted share, for the year ended June 30, 2011

	•		EBITDA loss of $1.4 million for the quarter ended June 30, 2011 and $3.5 million for the year ended June 30, 2011

	•		GAAP cash flow of $6.9 million the year ended June 30, 2011 resulting in $15.0 million in cash and cash equivalents at June 30, 2011

	•		Astrotech Space Operations (“ASO”), supported the processing of six missions with successful launches in fiscal year ended June 30, 2011

	•		Astrotech works to reduce controllable costs, lowering SG&A $3.8 million versus fiscal year 2010, allowing for investment in the ASO core business and growth initiatives at Spacetech

Austin, Texas, September 20, 2011 — Astrotech Corporation (NASDAQ: ASTC), a leading provider of commercial aerospace services, today announced financial results for its fourth quarter and fiscal year ended June 30, 2011.

“Fiscal year 2011 has been a difficult year for Astrotech as we have endured a slower launch schedule than in recent years,” said Thomas B. Pickens III, Chairman and CEO of Astrotech. “We continue to identify ways to control costs and I am pleased that we were able to reduce SG&A by $3.8 million for fiscal year 2011. While we experience business cyclicality, Astrotech is committed to finding additional sources of revenue, such as the recent contract for ground support equipment. In regards to fiscal year 2012, we anticipate an increase in revenue versus fiscal year 2011, but gross margin will be squeezed by a mix shift from the payload processing business to the design and fabrication of the ground support equipment.”

Fourth Quarter Results

The Company posted a fourth quarter fiscal year 2011 net loss of $1.8 million, or $(0.10) per diluted share on revenue of $4.5 million compared with a fourth quarter fiscal year 2010 net loss of $1.6 million, or $(0.10) per diluted share on revenue of $5.5 million.

Fiscal Year Results

Astrotech’s net loss for the fiscal year ended June 30, 2011 was $5.0 million, or $(0.28) per diluted share on revenue of $20.1 million compared to net income of $0.3 million, or $0.01 per diluted share on revenue of $28.0 million for the prior fiscal year.

Update of Ongoing Operations

During the fourth quarter ASO provided support for several missions in process at our facilities in Florida and California. Additionally, ASO was awarded a $16.2 million contract to fabricate, install, and test Ground Support Equipment (GSE) for the U.S. government. Under a firm fixed-price contract, fabrication began in the fourth quarter with delivery targeted for the first quarter of fiscal year 2013. This contract highlights ASO’s extensive experience in designing, building, and operating spacecraft processing equipment and facilities.

The Company continues the advancement of 1^st Detect’s Miniature Chemical Detector product development; a product that we expect to revolutionize the chemical detection market by delivering lab performance mass spectrometry in a small, easily portable package. During the fourth quarter, the United States Patent and Trademark Office (USPTO) issued a key patent to 1^st Detect for the company’s unique method to drive a mass spectrometer ion trap used for chemical detection and identification.

Astrogenetix continued maximizing flight opportunities in fiscal year 2011 in the process of developing products from microgravity discoveries with a focus on vaccines for Salmonella and Methicillin-resistant Staphylococcus aureus (MRSA). Astrogenetix completed its twelfth microgravity research mission on NASA’s STS-134 in the fourth quarter of fiscal 2011. The mission was Space Shuttle Endeavour’s final mission.

The following information was filed by Astrotech Corp (ASTC) on Tuesday, September 20, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: ASTC
CIK: 1001907
Form Type: 10-K Annual Report
Accession Number: 0000950123-11-085361
Submitted to the SEC: Tue Sep 20 2011 7:00:25 AM EST
Accepted by the SEC: Tue Sep 20 2011
Period: Thursday, June 30, 2011
Industry: Laboratory Analytical Instruments